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Bitcoin price started a downward correction from the resistance at $17,000. BTC has found support near $16,750 and may soon attempt an upside break above $17,000.
Bitcoin is showing bullish signs above the $16,600 and $16,750 levels. The price is trading above $16,750 and the 100 hourly simple moving average. A crucial bullish trend line is forming with support near $16,750 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start a strong rise if there is a close above the $17,000 resistance. Bitcoin price remains supported
Bitcoin price attempted a decent rise above the $16,800 resistance level. BTC even climbed towards the $17,000 resistance zone, but there was no clear upside breakout.
A high was formed near $16,987 and the price began a downward correction. There was a move below the $16,800 support zone. The price fell below the 50% Fib retracement level of the upward move from the low of $16,615 to $16,987.
However, bitcoin price found support near the $16,750 level. The 61.8% Fib retracement level of the upward move from the $16,615 low to the $16,987 high is acting as support.
There is also a crucial bullish trend line forming with support near $16,750 on the hourly chart of the BTC/USD pair. The pair is stable above $16,750 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $16,900 level.
Source: BTCUSD on TradingView.com
The next major resistance is near the $17,000 area. A clear move and a close above the $17,000 resistance could trigger a strong short-term rise. In the indicated case, the price could possibly rise towards the $17,550 level. Any further gains may require a move towards the $18,000 level.
Dips supported in BTC?
If bitcoin price fails to clear the $17,000 resistance, it could trigger a downward correction. Immediate support on the downside is near the $16,800 level.
The next major support is near the $16,750 level and the trendline. A break down below the $16,750 support could send the price towards the $16,500 level. Any additional loss could require a test of $16,350.
Technical indicators:
Hourly MACD The MACD is now accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) The RSI for BTC/USD is now above the 50 level.
Main support levels $16,750, followed by $16,700.
Major resistance levels $16,900, $17,000 and $17,500.
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Sources 2/ https://news.google.com/__i/rss/rd/articles/CBMiO2h0dHBzOi8vbmV3c2J0Yy5jb20vYW5hbHlzaXMvYnRjL2JpdGNvaW4tcHJpY2UtYnVsbGlzaC0xOGsv0gE_aHR0cHM6Ly9uZXdzYnRjLmNvbS9hbmFseXNpcy9idGMvYml0Y29pbi1wcmljZS1idWxsaXNoLTE4ay9hbXAv?oc=5 The mention sources can contact us to remove/changing this article |
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